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Silicone Elastomers Market size worth over $12bn by 2023

Silicone Elastomers Marketsize is set to exceed USD 12 billion by 2023; as reported by a new study from Global Market Insights, Inc.

These are extensively used as an adhesive in electrical & electronics industry. The rise in the demand of electronic gadgets and devices especially cellular phones and other portable electrical products is anticipated to boost global silicone elastomers market consumption.

Widespread use construction industry as a sealant and structural glazing has been a strong growth factor.

The ability to resist high temperature makes these polymers suitable to be used across gaskets and vibration dampers in vehicles. Positive vehicle production outlook across Eastern Europe, India, China and South Korea could see a significant advantage for silicone elastomer market participants.

Healthcare industry is another upcoming application segment of silicone elastomers, and is used in the applications like textile coatings, instruments, anesthetic masks, membranes, medical cables, tubing etc. Strong R&D investment trends across the healthcare space are likely to translate into revenue potential for the silicone elastomers market. O-rings and gaskets are another avenue offering strong growth potential for manufacturers.

Asia Pacific is the leading region in the global silicone elastomers market and is anticipated to maintain its market share during the forecast period. This contribution of Asia Pacific is attributed to the booming industries in the region such as electronics & electrical, automotive, healthcare, industrial machinery, consumer goods etc. Asia Pacific is anticipated to expand at a CAGR of 5.9% in terms of volume with a market share of more than 50%.

Europe silicon elastomers market is anticipated to contribute more than USD 1 billion in revenue, driven by the well-established German automobile industry. There is also decent growth across electronic gadgets, construction and industrial machineries.

High Temperature Vulcanized (HTV) is used for high temperature applications such as in vibration dampers and gaskets in automobiles. Also, it is having a wide application in industrial machineries and some healthcare devices.

LSR (Liquid Silicone Rubber) is another significant product used as an adhesive in electronics and electrical equipments industry. LSR was valued as more than USD 2.0 billion in 2015 and is estimated to expand at a CAGR of 7.9%.

Construction industry is the most dynamic application avenue for the silicone elastomer market, which are used in sealants and structural glazing. These applications are responsible for more than 40% of global consumption.

Silicone Elastomers market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in tons & revenue in USD million from 2013 to 2023, for the following segments:

Silicone Elastomers market by product

HTV (High Temperature Vulcanized)

RTV (Room Temperature Vulcanized)

LSR (Liquid Silicone Rubber)

Silicone Elastomers market by application

Electrical & Electronics

Automotive & Transportation

Industrial Machinery

Consumer Goods

Construction

Others

The above information is provided on a regional and country basis for the following: